May 18. 2023
Gross domestic product (GDP) for Mainland Norway increased 0.2 per cent from the fourth quarter of 2022 to the first quarter of 2023, measured in fixed prices. From February to march GDP Mainland Norway increased 0.5 per cent. This is shown in seasonally adjusted figures from the National Accounts.
– The figures for the first quarter indicate that the Norwegian economy is slowing down, but it is happening rather gradually, and employment is still increasing, says Pål Sletten, Head of National Accounts.
At the end of last year, an unusually large number of cars were sold, and very few were sold in early 2023. This caused large fluctuations in the national accounts’ figures for the wholesale and retail industry. Excluding wholesale and retail trade, GDP in Mainland Norway increased 0.4 per cent from the 4th quarter to the 1st quarter.
– Household goods consumption and dwellings investments decreased. At the same time, there was an increase in gross investments in industries and an increased volume in exports, says Sletten.
High prices for energy products and imports have largely driven domestic price increases the last two years. However, the price for natural gas and electricity has been decreasing since the peak in August 2022. At the same time, domestic prices increased in the first quarter.
– Companies have continued to pass on increased production costs to retail prices, and prices increased for goods and services that Norway buy and sell abroad, sells Sletten.
The gross product deflator for Mainland Norway, our broadest available measure for domestic price increases, increased 2.1 per cent in the first quarter. To a larger degree than before, price increases came from other industries than electrical power.
Source: Statistics Norway
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